The David Lin Report · Thursday, September 3, 2026
David Rosenberg expresses skepticism about Fed Chair Kevin Morse's assessment of the economy and inflation, noting that Morse relies on metrics like the Dallas Trim-mean PC deflator, which is only slightly above target, while downplaying other indicators. Rosenberg suggests Morse may be trying to project an image of inflation-fighting toughness.
“Um, you know, he was telling us though, when he was vying for the job at the Fed that, uh, the Dallas Trim-mean PC deflator, which eliminates distortions and noise in the data was his metric.”
“And that's running, it's two and a half percent, is that a scary number to you, David, because it's not to me, it's 30 basis points above target.”
“So here he is, and he's talking about an inflation problem within the data that he has no faith in.”